Pinnacle Business Management Expands With Auto Mall Acquisition

6 September 2000

Pinnacle Business Management Expands Focus With Auto Mall Acquisition; Holding Company Takes Control of Successful Pennsylvania Business

CLEARWATER, Fla. & PITTSBURGH, Pa.--Sept. 6,
2000--In the first step in its development as a multi-industry,
multi-market holding company, Pinnacle Business Management
(OTCBB: PCBM) has entered into a letter of intent to acquire the
All Pro group of companies, a Pittsburgh, Pa. area automotive
dealership, AT&T Wireless provider and NEC telecommunications
distributor.
Under terms of the $19.5 million deal, PCBM will acquire All Pro
group of companies (located on Route 19 South in the Western
Pennsylvania community of Peters Township) from the private firm of
Lo Castro & Associates. According to PCBM president Bruce Hall, the
deal includes $12 million in hard assets. Also, as a part of the
transaction Lo Castro & Associates founder Vincent Lo Castro will
become a board member of PCBM.
Within a 30,000-square-foot, three-story building, All Pro houses
a number of interrelated businesses, including a pre-owned car
dealership, a Daewoo automobile showroom and a Zimmer dealership. In
addition, it has a full parts, service and auto repair center. Also
included in the transaction are All Pro Wireless, an authorized AT&T
Wireless provider with a 14-year customer base, and All Pro
Communications, an NEC-authorized business communications firm which
handles sales, installation, service of telecommunications products
and is a provider of long distance services.
"The vertical integration of our interests into businesses related
to PCBM's prior activities is a step we have been looking to make,"
said Hall. "Vince Lo Castro and his team have done an outstanding job
building the customer base of All Pro Auto Mall and we see this as an
opportunity to balance our overall business and diversify our revenue
streams to the benefit of all of our companies."
All Pro holds a Pennsylvania banking license and frequently
finances its own car sales with an extensive "buy here - pay here"
portfolio. Combined, the All Pro business accounted for approximately
$15 million in sales in 1999. The automobile dealership has been
operating for 13 years and was owned by Lo Castro and Associates for
the last three years.
In announcing the acquisition, Hall indicated that the entire All
Pro management team will remain in place. "The management team has
been together with me for almost two decades," said Lo Castro. "They
are an excellent group of talented people who do an outstanding job."
Pinnacle CEO Jeff Turino said that the company is exploring
options to integrate the All Pro banking license as part of the
national expansion of Fast PayCheck Advance, another PCBM company.